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Trading firm enters enforceable undertaking with ASIC

By Neil Griffiths
 — 1 minute read

Life Trading has been forced to pay a penalty fee of $200,000 and entered into an enforceable agreement with ASIC to comply with an infringement notice given by the MDP.

In a statement issued by ASIC on Tuesday, the MDP found that the trading firm “did not have appropriate supervisory policies and procedures from the time it became a market participant on 28 January 2019 until 4 June 2020”.

Life Trading’s framework for the supervision of traders was “under-resourced, uncoordinated and undocumented” in that period.

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The MDP also found that Life Trading had minimal commitment to ensuring appropriate supervisory framework was implemented and a lack of proactive engagement to supervisory compliance.

The MDP noted that Life Trading has “gradually” made improvements, however still remained concerned about the noted issues.

 

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Trading firm enters enforceable undertaking with ASIC
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